California man sentenced for role in massive fraud

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A California man has been sentenced to more than four years in prison for his role in a massive mortgage fraud scheme.

Johnny E. “Jay” Grivette, 39, was also ordered to pay more than $4 million in restitution to various lending institutions, according to a Sacramento Bee report.

Grivette worked for a company under the umbrella of Loomis Wealth Solutions, which controlled various business entities. The company was owned by 57-year-old Lawrence Leland “Lee” Loomis, who is suspected of orchestrating huge thefts from investors and mortgage lenders, the Bee reported. Some estimates show total losses to victims may approach $100 million.

Loomis is currently in custody awaiting trial on 50 counts of mail and wire fraud.

Grivette’s 4 ½-year sentence was part of a plea bargain worked out between his attorneys and prosecutors. Grivette received a more lenient sentence than he might otherwise have because of the assistance he gave federal prosecutors and FBI and IRS agents in unravelling the alleged fraud at Loomis Wealth Solutions, the Bee reported.